Growing Prevalence of Hearing Loss Among Children to be a Key Factor Boosting Revenue Growth of the Pediatric Hearing Aids Market
Persistence Market Research (PMR) has recently published a new research report titled, “Pediatric Hearing Aids Market: Global Industry Analysis (2012 – 2016) and Forecast (2017 – 2025).” Hearing aids can help improve the hearing and speech of children with sensorineural hearing loss (hearing loss in the inner ear due to damaged hearing nerve). Sensorineural hearing loss can be caused by noise, injury, infection, certain medications, birth defects, tumors, and problems related to blood circulation.
According to the American Academy of Otolaryngology, over 3.0 million American children have hearing loss, and about 1.3 million of them younger than 3 years of age. More children would lose their hearing later in childhood.
Moreover, around 90% of deaf children are born to parents with proper hearing ability. The global pediatric hearing aids market is projected to witness a CAGR of 5.3% from 2017 to 2025.
Growing disposable income of consumers living in middle-income regions is expected to boost the growth of hearing aids market in future. This in turn is expected to drive the demand for high quality hearing aids.
In addition, adoption of hearing aids has been observed to be relatively less in developing countries.
Need for Advanced Diagnostics to Open a Plethora of Opportunities for Market Players
The introduction of advanced equipment for conducting diagnosis tests for the detection of loss of hearing among the pediatric population is expected to open up lucrative opportunities for the existing as well as new players in the global pediatric hearing aids market. The rising prevalence of hearing loss such as congenital hear loss problem and nerve deafness among children, is one of the primary aspects boosting the pediatric hearing aids market at present.
The use of hearing aids has risen with the rise in the number of patients across the globe. Thus, high demand for hearing aids will be the absolute opportunity for pediatric hearing aids vendors to capitalize on.
The rise in health care awareness among parents in terms of children’s health issues is also expected to trigger the use the pediatric hearing aids in the near future. Most of the under developing countries evades the usage of hearing aids or any prosthetic device due to society insecurities.
Moreover, today most of the hearing aids are based on digital technology which is easy to use and clearer to sound. Hence, the proliferating usage of digital hearing aids technology is likewise expected to play a pivotal role to lift the pediatric hearing aids market over the course of the forecast period.
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Over the Ear to be the Most Preferred Product
In the course of the forecast period, over the ear products are going to be the most preferred product type for pediatrics. It is expected to touch a valuation of over US$1800 Mn by the end of 2025.
Among the product types available under over the ear products, behind the ear will be the one witnessing the maximum sales. However, receiver in the canal is expected to witness the maximum growth over the forecast period.
Product Innovation to be of Prime Importance to Market Players
Companies in pediatric hearing aids market are actively engaging in product enhancement, mergers, acquisitions, and partnerships in order to strengthen their product portfolio and also increase market share. The overall hearing aids market is dominated by top six players who account for the maximum shares of the overall market.
These players are Sonova, William Demant, Sivantos, GN Store Nord (ReSound), Starkey Technologies, and Widex.
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